Is it a red flag to show a loss in your second year of business? Last tax season I showed a gain of only a few hundred dollars after all my expenses (was my 1st year in business). I'm still working on entering my data into minute menu for this tax season, but last night I calculated what I had already entered in and I'm showing a few hundred in the loss and I'm not done entering in my receipts.
I had a lot less kids last year, but my utilities, mortgage interest, mileage, ect. is helping my deductions.
I just don't want to raise a red flag, should I be trying to reduce my deductions since I had less kids in care?
I had a lot less kids last year, but my utilities, mortgage interest, mileage, ect. is helping my deductions.
I just don't want to raise a red flag, should I be trying to reduce my deductions since I had less kids in care?
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